Credit Card Protection Plan (CPP) is issued by almost all major credit card providers in India. Here are a few (1). SBI Credit card protection plan (2). HDFC Credit card protection plan (3). ICICI Credit card protection plan (4).Axis Bank Credit card protection plan.
What is Credit Card Protection Plan (CPP)? Credit Card Protection Plan (CPP) is an insurance plan for credit cards, debit, retail, and membership and retail cards, in case of theft, loss, or fraud on the cards.
What you do first when your wallet is lost, including Credit and Debit Card? Yes, we all know. First of all, we need to block these cards from any fraudulent use. This requires Calling customer care of the respective credit card and debit card issuer and blocking these cards.
When you have Lot of Debit and Credit cards, blocking and reporting all cards can be time-consuming and stressful. That’s where Card Protection Plan or CPP comes in. It requires the cardholder to pay a fixed yearly fee to use the service.
There are two main providers of such Credit Card protection plans in India- OneAssist and Credit Protection Plan (CPP). Your credit card issuer is most likely to offer you a card protection plan with one of these service providers. An important point to note about these services is that they have to be renewed every year as they work like insurance. A premium has to be paid every year to keep the plan active.
We will review all plans and see the Pros and cons of the Credit card Protection Plan. I took an SBI Credit card protection plan to review the SBI Credit Card Protection Plan.
SBI Credit Card Protection (CPP) Joining and Renewal Fees.
|CPP Card Protection|
|Coverage||MRP in Rs. (Inclusive|
|Introductory Price in Rs.|
(Inclusive of GST)
|Insurance Sum Assured|
|Classic + : Single||Classic + : Single||INR 1899||INR 1899||Up to INR 1,00,000/-|
|Premium + Joint||Member and|
|INR 2999||INR 2499||Up to INR 2,00,000/-|
|Platinum + :Family||Member, Spouse|
|INR 3999||INR 3199||Up to INR 3,00,000/-|
Benefits of SBI card protection plan
(A). Single Call Loss reporting
A Credit Card Protection plan is a type of Insurance for your Credit Card, Debit Card, Wallet Balance (Like Paytm). In case your card is lost for any reason, you need to Call CPP customer care no and block all credit cards in one go, No need to call and block the card provider for blocking. CPP also assists in blocking any Mobile SIM.
(B). Complimentary fraud protection against frauds on cards
CPP plan gives comfort and relieves your worry about credit card fraud that is increasing rapidly from today. In the event of theft or loss of Cards, You should immediately call to CPP Customer care and report the loss of the Cards.
In case you have not shared credit card details earlier to them and you request to block the card, CPP India would try to Block the card on the best effort basis.
However it advisable to share your all card details for having best benefits of CPP Plan.
SBI card protection plan Scope of Coverage
|Fraud Cover Available||Period before reporting|
|Transactions involving PIN based frauds, Phishing,|
Tele-phishing and Transactions where OTP is not required
(if card is lost/stolen)
|From 0 to 30 days||Up to Transaction amount or Sum Insured per member with no limit per|
card, whichever is lower
|Any card present or card not present transaction (other|
than the transactions listed above
|Loss Reported within 3 days||No claim is payable under this Policy|
|From 4 to 7 days||Up to Transaction amount or INR 10,000 per card whichever is lower|
(within maximum limit of Sum Insured per member) (cards with limit
upto 5 lakh)
|From 4 to 7 days||Up to Transaction amount or INR 25,000 per card whichever is lower|
maximum limit of Sum Insured per member) (cards with limit above 5
|From 7 to 30 days||Up to Transaction amount or Sum Insured per|
member with no limit per card, whichever is lower
|Mobile Wallet Protection||Loss Reported within 3 days||No claim is payable under this Policy|
|Loss Reported between 4 to 7 days||Up to Transaction amount or INR 10,000 per Transaction whichever is|
lower (within maximum limit of Sum Insured per member)
|From 7 to 30 days||Up to Transaction amount or Sum Insured per member, whichever is|
CPP Scope of Coverage
Due to the fraudulent use of Mobile Payment Apps (Mobile Wallets), the losses sustained by you are covered only if there is a simultaneous physical loss of the Phone and. Police complaints of loss of the Phone and shall be mandatorily required for the claim.
(C) Emergency Hotel Bills Payment
If You are Abroad at the time of the Card Loss, CPP serves to facilitate through EAI an advance direct to Your hotel to cover up to INR 1,60,000/- However, in case of card loss in India, the advance is limited up-to INR 80,000 only.
(D) Emergency Cash Advance
If You are in India at the time of the Card Loss, CPP will facilitate through EAI an emergency cash advance for You of up to the total amount of INR 20,000 for basic living expenses and to help You reach Your Home if some or part of Your cash is lost or stolen at the same time as the Card Loss.
(E) Advance of Replacement Travel Tickets
CPP will provide emergency travel tickets against an advance up to INR 1,60,000/- per member so that You can return to the travel destination nearest to your home if your travel tickets have been lost or stolen at the same time the Card Loss when You are Abroad. However, Ticket price will be limited up to INR 80,000 per member card is lost in India.
(F) Roadside Assistance
If there is a breakdown of your Registered Vehicle and require our assistance Service about Your Registered Vehicle, CPP will provide services through a third-party supplier/service. However, one condition is that services will be provided within 75km of your cities.
Other Complimentary Benefits of CPP
F-Secure Internet Security (with Banking Protection)
You will be offered a comprehensive internet security solution for your PC/Laptop by F-Secure, a third-party supplier/service provider, and will provide the benefits. To derive this benefit, the F-Secure Internet Security key and download instructions will be provided to You physically through the Pack sent to Your Home or through text message (SMS) to the mobile number provided by you.
ZEE5 – LIVE TV Subscription
As a part of this benefit, You will be provided with a ZEE5 All-Access Annual subscription offered by ZEE, an online portal service with various contents, by way of streaming over the internet on mobile and similar handheld devices and by way of mobile applications. With this, You can watch Live TV channels, originals, movies, TV shows with quality streaming and a premium experience.
Credit Health Report
CPP will provide you Credit Health Report through a Third-party partner – Credit Mantri. All banks are required to review The Credit history of your loans and Card transactions before approving any further loans or credits. The Credit Health Report will help you to understand and interpret the Credit Score issued by Credit Information Companies like Equifax, etc.
Refer other details SBI Credit card protection here
‘Personally, I won’t take sides to say whether CPP is useful or a waste of money. I will share my personal experience to help you in having a decision.
As listed above, all services provided by CPP are provided by the Credit card provider itself, like Credit Card insurance, in case of credit card fraud. Credit card switch off facility provided all major credit card issuer, RBL, Kotak, and Citibank. Since many banks offer their own card protection plans or with other providers free of cost, it’s your call whether to pay for a CPP.
Do you have CPP, or planning to apply one? Share your thought in the comments below.
What is credit card protection plan ??
Credit Card Protection Plan (CPP) is an insurance plan for credit cards, debit, retail, and membership and retail cards, in case of theft, loss, or fraud on the cards.
How long does credit card protection last ??
Credit Card Protection is valid for up to one year from the date of renewal or Plan subscription.
How to cancel credit card protection plan ??
Yes, you can cancel your membership anytime during your membership period by writing to CPP Team or calling CPP customer care No as depicted in your welcome offer prospectus. However, you are eligible for a full refund if you cancel within 30 days of the membership set-up date and you have made no claims
How to purchase credit card protection plan ?
Call to CPP Customer care no and apply your best credit card plan